A Retirement Savings Program for Maine: Help Mainers Take Control of Their Future Today

Did you know? Maine faces a major retirement savings deficit. By working together, we can ensure that every Mainer has a chance to save for a secure retirement.

Today, a secure retirement is out of reach for thousands of Mainers, especially those who work for themselves or small businesses. While Social Security is a critical piece of the puzzle, it cannot cover costs such as health care, housing and utilities in retirement. Let's consider the facts:

• Working households in Maine have just $2,500 in retirement savings. (Source: National Institute on Retirement Security).
• Almost half of Baby Boomers & Gen Xer's are at risk of a retirement where they can barely pay their bills.
• The average annual Social Security benefit for a 65+ family in Maine right now is just $17,500.
• The average annual cost for food, utilities and health for a 65+ family in Maine is over $18,00

It doesn't have to be this way! Mainers are 15 times more likely to save when they can do so through their job. Sounds logical, right? However, 207,000 working Mainers currently have no access to a retirement savings program through their employer.

The answer? Mainers need a common-sense, simple way to save for their future.

The answer is LD 1622. This bill would make it easier for businesses to offer employees a way to save for retirement directly from their paycheck. LD 1622 offers an automatic way to increase retirement savings with limited impacts on businesses.

The official LD 1622 bill name is An Act to Promote Individual Savings Accounts Through a Public-Private Partnership.

Why is LD 1622 the answer? Because this legislation offers the common-sense solution we need. Consider:

 You’re in Control: The savings is your own money that you can take with you from job to job, and rely on in later years to take control of your future.

 Your Future, Your Choice: Accounts are voluntary. As an employee, it’s up to you to decide if you want to participate and how much you want to put away automatically from your paycheck.

 For All Ages: It is never too early, or too late, to start investing in your future.

 Saves Taxpayer Dollars: Giving employees a simple way to save for retirement will mean fewer Mainers will need to rely on public assistance later in life, which will save taxpayer dollars.

Let's work together to ensure every Mainer has a chance to save for a secure retirement.

• Contact your legislator and ask them to support LD 1622.
• Contact us at me@aarp.org and become a volunteer advocate.
• Contact us at me@aarp.org and share your story:
  
  • Are you retired and wish you had been able to save more through your employer?
  • Are you still working and worried that you won't have enough saved when you retire?
  • Are you just starting out and concerned that your employer doesn't offer a retirement savings option?

We look forward to hearing from you!